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  • FIRST POST
    • AWeeCuppaTea
    • By AWeeCuppaTea 9th Jan 15, 7:33 PM
    • 43Posts
    • 10Thanks
    AWeeCuppaTea
    Co-ownership
    • #1
    • 9th Jan 15, 7:33 PM
    Co-ownership 9th Jan 15 at 7:33 PM
    Hi there

    Just wondered if anyone had any experience of co-ownership and their turnaround time for applications?

    Thanks
Page 7
    • bettybelle
    • By bettybelle 8th Jun 15, 5:24 PM
    • 129 Posts
    • 76 Thanks
    bettybelle
    Co Ownership won't pay any of the rates/buildings insurance/ground rent etc regardless
    Originally posted by AWeeCuppaTea
    ground rent is paid by Co-Own as it is factored into your rent payment - I've been in my Co-Own house 3 yrs now so maybe they've changed the rules..
    • AWeeCuppaTea
    • By AWeeCuppaTea 8th Jun 15, 7:48 PM
    • 43 Posts
    • 10 Thanks
    AWeeCuppaTea
    Sorry yes, that's what I should have said.

    They won't pay the ground rent for you, but they will add the cost to your rental payment and then pay the bill on your behalf.
    • Parisien
    • By Parisien 12th Jun 15, 6:09 AM
    • 911 Posts
    • 176 Thanks
    Parisien
    Yes it is.


    There are two forms of help to buy.


    Equity loan, like co-ownership but not available here, you still wouldn't own 100%.


    Mortgage guarantee (you own 100%) available here.


    20k deposit then why co-ownership? You have to put 15k of that down anyway to qualify.


    So you are using the scheme, applying just in the wife's name?
    Originally posted by saverbuyer
    I am making initial enquiries into the easiest/cheapest/cost effective way into home ownership on behalf of my son in N Ireland

    Just to clarify Saverbuyer, co-ownership is a less favourable way into ownership than mortgage guarantee in your post ( effectively the same as mainland help to buy scheme?) Any links/info etc appreciated.
    • Parisien
    • By Parisien 12th Jun 15, 10:01 PM
    • 911 Posts
    • 176 Thanks
    Parisien
    To answer my own question....is this what you mean, available in NI?

    http://www.hsbc.co.uk/1/2/mortgages/help-to-buy?mtp=search&WT.mc_id=HBEU_HSBC_PPC_Generic_Mort gages__DR_Google_5&WT.srch=1
    • Parisien
    • By Parisien 24th Jun 15, 3:54 PM
    • 911 Posts
    • 176 Thanks
    Parisien
    Bumping this to see if any further info
    • Oliviasmom
    • By Oliviasmom 7th Mar 17, 7:48 PM
    • 38 Posts
    • 21 Thanks
    Oliviasmom
    Anyone had a recent experience of applying coownership? Thinking of applying.
    • flonaann
    • By flonaann 16th Apr 18, 1:29 PM
    • 3 Posts
    • 0 Thanks
    flonaann
    Very slow turnaround
    Has anyone else found co-ownership turnaround time very slow at the moment?
    We are in the process of selling our house to a couple who are buying through co-ownership and the process seems very slow. The estate agent had said that co-ownership is usually quite fast, but they have noticed it to be very slow over the past few months. Its been nearly 9 weeks since we accepted the couple's offer on our house and the past 5 weeks have just been held up by co-ownership.

    Is anyone else finding it very slow at the moment?
    Last edited by flonaann; 16-04-2018 at 3:17 PM.
    • guiriman
    • By guiriman 16th Apr 18, 2:37 PM
    • 397 Posts
    • 224 Thanks
    guiriman
    Has anyone else found co-ownership turnaround time very slow at the moment?
    We are in the process of selling our house to a couple who are buying through co-ownership and the process seems very slow. The agent estates have said that co-ownership is usually quite fast, but they have noticed it to be very slow over the past few months. Its been nearly 9 weeks since we accepted the couple's offer on our house and the past 5 weeks have just been held up by co-ownership.

    Is anyone else finding it very slow at the moment?
    Originally posted by flonaann
    We sold last year to a purchaser using co-ownership, it added about 8 weeks to the process in the end
    • flonaann
    • By flonaann 16th Apr 18, 3:32 PM
    • 3 Posts
    • 0 Thanks
    flonaann
    Thanks Guiriman. Can I ask how long the total sale of your house took from accepting offer to signing contract? When we bought our house back in 2009 everything took 5 weeks, but this time round we are already at 9 weeks and everything seems to be at a standstill cause of co-ownership.
    • guiriman
    • By guiriman 17th Apr 18, 3:43 PM
    • 397 Posts
    • 224 Thanks
    guiriman
    Offered accepted end of October and we completed end of March, but probably the last five weeks could have been saved if the buyer hadn't started messing about over who fixed what.
    • Talkingsinger
    • By Talkingsinger 25th Apr 18, 4:38 PM
    • 12 Posts
    • 2 Thanks
    Talkingsinger
    It’s interesting to see more recent posts state that Co-ownership seems much slower now. I’d read older posts and everything seemed to move along quickly, however I put in my application on 13th April, was told I’d get a text once payment was to be taken (wouldn’t take it at the time of application). After 5 days I was getting impatient so I rang and they said we’re just waiting on your payment? I was like, sorry I was told I would get a text and I haven’t heard anything? So that was a bit annoying because could probably have sped things up a bit if I’fav known presumably.

    Anyway it has now been a week since I paid, phoned today to ask how it was progressing and was told it still is waiting to be assessed and to phone back start of next week. Was told they’re very busy! In older posts seemed they had valuation over and interview dates by this stage!

    Frustrating but what can you do, just hope the seller of my house is a patient person
    • leanne356
    • By leanne356 14th May 18, 3:33 PM
    • 1 Posts
    • 0 Thanks
    leanne356
    hi I was just wondering did you get sorted with co ownership we are in the process now and it seems to be taking forever probable just seems like that as we are waiting and itching to hear lol
    • PeaN2018
    • By PeaN2018 14th May 18, 9:04 PM
    • 1 Posts
    • 0 Thanks
    PeaN2018
    Hi everyone. Looking into Co ownership atm. Myself and my girlfriend have found a house but would need Co ownerships help to buy. Unfortunately due to past debt issues my girlfriend has a pretty bad credit score with some missed payments this year. I have spoken to a mortgage advisor who has said I can buy the house based soley on my wage/credit rating at 65%. I know they ask for everyone living in the house to be on the application and I'm worried it would get turned down. Anyone had any kind of issue with Co ownership like this? Her income is based in dhss.
    • Notsosure
    • By Notsosure 15th May 18, 6:25 PM
    • 8 Posts
    • 0 Thanks
    Notsosure
    I was wondering if you got sorted or are still waiting? I sent all my paperwork off this morning threw my mortgage advisor. He seemed to think I would hear from them for my fee by the end of the week. Then 4 - 6 weeks for a decision does that seem right.
    • Notsosure
    • By Notsosure 29th May 18, 11:59 AM
    • 8 Posts
    • 0 Thanks
    Notsosure
    Just to update I called today as it's been two weeks and was told it would be another couple of days before they want payment so going very slow for me.
    • Notsosure
    • By Notsosure 8th Jun 18, 2:05 PM
    • 8 Posts
    • 0 Thanks
    Notsosure
    Another update finally got the call to pay them their fee yesterday. 4 weeks after sending the stuff in and they are claiming some of the things like pay slips are not there although they were sent with everything else! This whole process it just dragging out.
    • Notsosure
    • By Notsosure 19th Jun 18, 6:58 AM
    • 8 Posts
    • 0 Thanks
    Notsosure
    Another step forward they called Thursday and are coming tondo survey on Wednesday morning. Finally getting there.
    • Michael_McG
    • By Michael_McG 19th Jun 18, 1:24 PM
    • 6 Posts
    • 1 Thanks
    Michael_McG
    Hi there, just wondering if CO arranged an interview with you? my mortgage adviser said they seem to do it over the phone these days. We paid our fee last week so hoping to hear something soon.
    Last edited by Michael_McG; 19-06-2018 at 1:27 PM.
    • Michael_McG
    • By Michael_McG 20th Jun 18, 4:00 PM
    • 6 Posts
    • 1 Thanks
    Michael_McG
    Our timeline with CO so far:


    Application submitted on 4th June, fee paid on the 13th June, phone call on the 19th June advising valuation has been arranged and requesting couple of documents. Anyone know when the interview takes place?
    • Notsosure
    • By Notsosure 20th Jun 18, 8:35 PM
    • 8 Posts
    • 0 Thanks
    Notsosure
    I paid my fee about 2 weeks ago and just had the survey today. He said co ownership will have his report by Friday so I hope to hear from them early next week. I have not been contacted about an interview but my mortgage advisor also said it's likely to be a phonecall. I am now not so hopeful as the surveyor found the wall in the utility to be damp and he believes it's because the back door needs replacing. But I will continue to update as we go.
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